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Coindesk:  Bitcoin Halving Arrives: Mining Rewards Drop for Third Time in History

--- Quote ---Miners racing on the network to compete for freshly minted bitcoin produced the 630,000th block at 19:23 UTC on May 11, which triggered the programmed halving event, marking another milestone in the currency's 11-year history.
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--- Quote ---In an homage to Satoshi Nakamoto's iconic "brink of a second bailout" message in the 2009 genesis block, f2pool, which mined the 629,999th block (the last before the halving), embedded a reference to the current financial crisis: "NYTimes 09/Apr/2020 With $2.3T Injection, Fed’s Plan Far Exceeds 2008 Rescue.”
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--- Quote ---The 2020 halving, the third in the network's history, means the mining reward has now been reduced from 12.5 bitcoin per block to 6.25 units. It went down to 25 from 50 bitcoin per block in November 2012 and further decreased to 12.5 units in July 2016.
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--- Quote ---The immediate implication after halving is that the newly minted bitcoin in a day will fall from 1,800 to 900 units. That would also mean mining operators will see their daily total revenue – at bitcoin's current price of $8600 – reduced from $15 million to $8 million.

As such, it has been expected the computing power connected to the Bitcoin network will fall significantly after the halving as the revenue decrease will squeeze out those miner operators who lack efficient resources to cut their electricity costs.

However, it remains to be seen how that will play out after the halving. Currently, the average Bitcoin total computing power over the last seven days since the previous mining difficulty adjustment has hit a new all-time high of 121 exahashes per second (EH/s), beating the previous record of 118 EH/s, according to data from Chinese mining pool PoolIn.

As such, Bitcoin’s mining difficulty – a measure of how hard it is to compete for mining rewards – is expected to increase by 4.9% in about seven days to an all-time high above 16.55 trillion, based on PoolIn's data estimate.
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BTC's hashrate over time represents a mindblowing amount of electricity.

Damn, I just realized it's been 9 years this month since I started this thread. 

In the last couple weeks I’ve finally found the last major piece of technology I have been unable to cobble together on my own; a full Bitcoin node with an Electrum server and Tor connections to all the wallets I use.

MyNode is easy to download and try out on a virtual machine or Raspberry 4 platform and a $99 license gets you one button-push updates. Together with Tails again including the latest version of Electrum, a private local server linked to 100% air-gapped hardware wallets with PSBT capability gives the average guy all the tools needed to be their own bank.


--- Quote from: FreeLancer on July 08, 2019, 01:45:05 AM ---Currently, in by opinion, the best wallet system combines the strengths of the hardware wallets with Electrum.  Set up an Electrum wallet with a hardware device, like the Trezor, holding the private keys and you've got a very powerful and secure system.  The Electrum file on your computer contains no private keys so the concerns about that computer being online are greatly minimized.  Should the computer with the Electrum wallet go down or get stolen, if you still have the Trezor you haven't lost your funds and can access them easily on Trezor's wallet application.  If you lose both Electrum and the Trezor you can rebuild the wallet from the seed phrase.  If you want to go even better, generate a multisignature wallet scheme on Electrum that utilizes 2 out of 3 hardware wallets for signing transactions.  Or go big and do a 10 of 15 multisig scenario.  Electrum will do that.  It's incredibly versatile, I recommend everyone try it.

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Many great developments in the bitcoin wallet space over the last year.  While Electrum still plays a vital role in my wallet scheme, Trezor and Ledger hardware wallets have fallen by the wayside, replaced by the superior ColdCard device. 

The CC is designed as a standalone device that can be operated entirely offline, with the ability to create and store private keys internally via its secure enclave.  Equipped with a MicroSD slot, the CC can communicate with Electrum desktop software without the USB connection required by other hardware wallets.  Transaction information can be passed between Electrum and the CC for signing and broadcasting via MicroSD card.  Or, for the less paranoid, you can still hook up to Electrum with USB, like a Trezor or Ledger, and save those steps. 

A long awaited recent upgrade to Electrum 4.0 now allows for creation of multisignature wallets offline using multiple CC devices without having to connect to Electrum via USB.  Add in the ease with which you can securely connect Electrum to the blockchain using a full node like myNode and nagging worries about inadvertently sharing your addresses and balances with a malicious public Electrum server are a thing of the past.

Interestingly, Electrum, myNode, and ColdCard are bitcoin-only solutions, because wallet technology designed to handle multiple cryptocurrencies are just plain harder to secure. 


--- Quote from: FreeLancer on December 19, 2013, 03:29:02 PM ---The volatility is scary as heck in both directions, but the technology has proved itself far beyond what many could ever have dreamed. A decentralized shared ledger documenting ownership is a potentially revolutionary concept that could rival internet protocol in its ability to shatter the status quo. But there will be many white-knuckle moments before we get to $40,000.

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